A Cosmetics Company Now Goes Through a Painful Liquidation

A cosmetics company now goes through a painful liquidation as it files Chapter 7 bankruptcy, closing all locations in the US.

The Body Shop, which dated from 1976 when Anita Roddick started a store in the United Kingdom (but sold several times since), has been in a very public fight for survival. 

Fears began when the company closed half of its locations in the United Kingdom.

That was followed by a bankruptcy-style filing in Canada and an abrupt closure of its US stores on March 4.

“The Canadian subsidiary of the global beauty and cosmetics brand announced it has started restructuring proceedings by filing a Notice of Intention (NOI) to Make a Proposal pursuant to the Bankruptcy and Insolvency Act (Canada).

In the same release, the company said that, as of March 1, 2024, The Body Shop US Limited has ceased operations,” Chain Store Age reported.

A message on the company’s U.S. website shared a simple message that does not appear to be the entire story, reports TheStreet.

“We’re currently undergoing planned maintenance, but don’t worry we’re due to be back online soon.

That same message is still on the company’s website, but a new filing makes it clear that the site is not down for maintenance, it’s down for good.

While the future appeared bleak for The Body Shop, fans of the brand held out hope that a savior would step in. “That’s not going to be the case”, reports the outlet.

The Body Shop filed for Chapter 7 bankruptcy in the United States.

“The US arm of the ethical cosmetics group has ceased trading at its 50 outlets.

On Saturday (March 9), it filed for Chapter 7 insolvency, under which assets are sold off to clear debts, putting about 400 jobs at risk including those in a distribution center that still holds millions of dollars worth of stock,” The Guardian reported.

About half of the chain’s stores in the United Kingdom remain open along with its Australian stores.

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Also Read: Another Business Now Announces Unexpected Layoffs in Kentucky

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Market News Today - A Cosmetics Company Now Goes Through a Painful Liquidation.
Market News Today – A Cosmetics Company Now Goes Through a Painful Liquidation.

This popular crafts retailer now faces high risk of bankruptcy following several store closures and analytical reports.

Joann is currently grappling with the possibility of a bankruptcy filing, according to Bloomberg.

The retailer has 850 outlets across 50 states.

Joann is exploring options to address its mounting debt, including seeking a deal with lenders and securing additional capital.

The store has not yet responded to requests for comment on the reported bankruptcy plans.

However, reports follow the recent closure of two Joann stores in Ohio, along with previous closures in other states.

Social media discussions have highlighted the impact that store closures might have on local communities.

When a Joann in Wooster closed in February, one customer wrote on Facebook, “I’m really sorry about this. For those of us who enjoy sewing and crafting, it will be a huge loss!”

“We’re sad to see our Wooster store closed,” posted another user.

Financial guidance websites such as CreditRiskMonitor have also flagged Joann as a high-risk candidate for bankruptcy, citing its financial struggles.

The company says the closures were part of “routine store location evaluation and optimization.”

However, Joann reported a net sales decline of 4.1% compared to a year ago in its most recent earnings call.

Established in 1948, Joann offers both online and in-store shopping for sewing and crafting supplies.

Joann remains a popular destination for sewing and crafting enthusiasts across the United States.

But the company’s struggles come during a challenging retail environment, particularly for brick-and-mortar stores, reports The-Sun.

“The outcome of a bankruptcy filing could have significant implications for the company’s employees, customers, and stakeholders.

It could potentially result in the closure of many of its 850 nationwide stores.”

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Also Read: A Massive Cosmetics Company Now Closes in New York

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Market News Today - A Cosmetics Company Now Goes Through a Painful Liquidation.
Market News Today – A Cosmetics Company Now Goes Through a Painful Liquidation.

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